Finternet takes a user-centered, unified, and universal approach to determining our financial destiny. It is intended to expedite financial procedures, putting the user first while maintaining a unified and internationally accessible financial system. The initial vision by Agustín Carstens and Nandan Nilekani

This article deep dives into Finternet’s vision, the technical architecture of the protocol, how Finternet can leverage Solana as one of the ledgers and future opportunities it opens

The vision for the Finternet

The current financial system has undergone numerous iterations over time and can be considered effective, but it lacks several key factors that are crucial for future growth, both domestically and internationally, at both business and individual levels.

Challenges in the Current Financial System:

• High Cost
• High Friction

These challenges hinder the creation of a network effect, limiting the scalability of the current system.

The Need for a New Solution:

To address these issues, we need an innovative solution that opens up new possibilities and must include:

• Improve Reach & Access
• Streamline services with automations with reduction in manual work
• It needs to consider new factor for scaling and try to use new tech in a regulated way

This is where Finternet comes in. By leveraging a new technical architecture and incorporating cutting-edge technology within a regulated framework, Finternet is poised to redefine the future of finance.

Key Learning from building in societal scale

• Technology is a key enabler in driving large-scale societal transformations. The Digital Public Infrastructure (DPI) model shows the impact of technology on solving societal problems. The DPI movement is inspired by the open standards and specifications that created the Internet.

DPI acts as the foundational structure and has been instrumental in mass formalization, enabling access to services, and facilitating seamless transactions across sectors.